Copper - Copperbelt Katanga Mining

BHP moves ahead with expansion of Olympic Dam copper refinery

September 1, 2024September 1, 2024 Constance

BHP Group is continuing to push ahead with the expansion of its copper smelter and refinery at Olympic Dam in South Australia, as global miners ramp up their efforts around the key metal for greener energy transition. The world’s largest miner on Friday said the government of South Australia has begun an application and assessment process for the expansion, citing a notification in the South Australian Government Gazette. BHP is strengthening its efforts in copper expansion, given the commodity’s extensive role in the global shift towards greener energy and a… Read More Here

Gécamines Faces Proposed Overhaul to Address Deep-Rooted Challenges

August 31, 2024August 31, 2024 Constance

Gécamines, one of the largest state-owned mining companies in the DRC, is poised for a major transformation following proposals from the human rights organization Justicia Asbl. During the Council of Ministers meeting on August 23, 2024, chaired by the Head of State, discussions centered on revitalizing Gécamines. However, Justicia Asbl argues that the current measures are insufficient to address the company’s deep-seated structural issues. In a statement released on Monday, Justicia Asbl advocated for a “total overhaul” of Gécamines, emphasizing that merely resuming mining activities will not resolve the company’s… Read More Here

International Copper

FQM Seeks Compensation from Panama Over Stranded Copper Stockpile

August 29, 2024August 29, 2024 Constance

First Quantum Minerals is pursuing compensation from Panama for a stockpile of semi-processed copper ore stranded at its flagship Cobre Panama mine. The material, valued between $225 million and $340 million at current copper prices, has been idle for months while the Panamanian government assesses whether it was mined before or after the mine was ordered to close last year. The Canadian mining company has warned that the stockpile’s value could degrade over time and that leaving it idle poses environmental risks. First Quantum insists that Panama must either allow… Read More Here

Mining in Zambia Copper

Zambia to Launch National Critical Minerals Strategy

August 29, 2024August 29, 2024 Constance

The Zambian government will launch its National Critical Minerals Strategy on Thursday, August 29, aimed at preventing the export of raw minerals and promoting value addition. Mines and Mineral Development Minister Paul Kabuswe announced that the strategy will set regulations for mineral processing, ensuring value is added before export. The government also plans to increase mineral production to 3 million metric tons annually by 2031. Kabuswe’s remarks were delivered by Ministry of Mines Permanent Secretary Hapenga Kabeta at the 2024 Zambia Alternative Mining Indaba in Lusaka. Publish What You Pay… Read More Here

Mining in DRC Cobalt Copper

DRC Govt Blocks Chemaf’s Sale of Copper and Cobalt Mines to China’s Norin Mining

August 29, 2024August 29, 2024 Constance

The government of the Democratic Republic of Congo (DRC) has opposed Chemaf SA’s plan to sell its copper and cobalt mines to China’s Norin Mining, according to a document reviewed by Reuters. In June, Chemaf, a long-time partner of commodities trader Trafigura, announced its agreement to sell its mining operations in the DRC to a subsidiary of China North Industries Corp (Norinco), a state-backed defense and industrial giant. The sale was driven by financial difficulties that had delayed the expansion of Chemaf’s Etoile and Mutoshi projects amid falling cobalt prices.… Read More Here

Mining in Zambia Copper Mergers & Acquisitions

ZCCM-IH Acquires Additional 10% Shareholding in Lubambe Copper Mines Ltd

August 28, 2024August 28, 2024 Constance

28th August 2024, Lusaka, Zambia – ZCCM Investments Holdings PLC (ZCCM-IH) has secured a deal with Jinchengxin Mining Management Company Ltd (JCHX) to acquire an additional 10% stake in Lubambe Copper Mines Ltd (Lubambe) for $1. This transaction will raise ZCCM-IH’s ownership in Lubambe from 20% to 30%, while JCHX’s stake will decrease from 80% to 70%. The deal is expected to be completed within six months. With this increased shareholding, ZCCM-IH will gain marketing rights to copper ore concentrate output proportional to its ownership. This is a groundbreaking move… Read More Here

International Copper

Codelco could face $8 million fine for tailings dam violations

August 26, 2024August 26, 2024 Constance

Chile’s environmental regulator on Thursday said it filed two charges against state copper giant Codelco over the management of its Talabre tailings dam at its Ministro Hales division in northern Chile. The charges were for the lack of a contingency plan to avoid affecting underground water, and for the incorrect deposit of tailings materials dating to 2017. The company, the world’s biggest copper miner, has ten days to submit a compliance plan and an additional five days to appeal, and could face a fine of about 8 billion pesos ($8.71… Read More Here

International Copper

Lundin Mining Workers in Chile End Strike with New Wage Agreement

August 26, 2024August 26, 2024 Constance

Workers at Lundin Mining Corp.’s Caserones mine in Chile have ended a nearly two-week strike after accepting a new wage proposal. Approximately 90% of one of the mine’s three unions voted in favor of the new three-year contract on Saturday, following a preliminary agreement reached late Friday, according to union leader Marco Garcia. The strike, led by a union representing 29% of the workforce at Caserones, had disrupted production at the mine, which produced 137,100 tons of copper last year, according to Chilean government data. The resolution of the strike… Read More Here

Copper International

Peru’s copper output this year likely to fall short of 3mt goal

August 25, 2024August 25, 2024 Constance

Peru will likely produce between 2.7 million and 2.8 million metric tons of copper this year, the head of a major mining group told Reuters on Tuesday, with estimated output falling below the government’s 3 million ton goal. The copper production forecast was provided by Victor Gobitz, head of the SNMPE mining, oil and energy association. Peru is the world’s No. 3 producer of the key industrial metal, used widely in vehicles and construction, especially for electrical wiring due to its ability to conduct current. Gobitz, who provided the output… Read More Here

Mining in DRC Copper Gold Oil & Gas

DRC Central Bank Reports Price Increases in Oil, Copper, and Gold Amid Global Uncertainties

August 25, 2024August 25, 2024 Constance

The Central Bank of Congo’s observation barometer reported that as of August 14, 2024, the price of oil increased by 2.07% on a weekly basis, reaching USD 79.98 per barrel. This rise was driven by concerns over potential conflict in the Middle East between Israel and Iran, along with a sharp drop in U.S. commercial crude reserves by approximately 5.2 million barrels. Since December 2023, the oil price has risen by 2.71%. Copper prices surged by 3.12%, reaching USD 9,077.00 per ton, influenced by a strike at Chile’s Escondida mine,… Read More Here